VERIFIED SOLUTION i
MapInfo Pro Advanced (i.e. "MI Raster") does not support 3D Maps directly, but Professional's Grid handler does. Thus, users have to select the "Grid Image" option while opening the data, instead of "Raster Image" to use the 3D Map functionality.
The Grid Image option lists following formats: .
adf, .flt, .txt, .asc, .img, .dem, .dt0, .dt1, .dt2, .mig
So, there are two ways MI Raster can help with generating the Grid Image format file for 3D Map support:
1. While using Create Raster option, for "Output File" field, select the "Save as type" as "ESRI ASCII GRID (*.asc)"
2. or use the Convert tool to Convert the GRD file to "ESRI ASCII GRID (*.asc)" file
Once you have the .asc file generated as output, open it as Grid Image. It will enable the 3D Map option.
UPDATED: October 18, 2017